Formula One chief executive Chase Carey has said he is keen for the motor-racing championship to alter its media-rights strategy in order to support long-term growth plans, rather than focus on quick methods to boost viewing figures.
Carey said that Liberty Media, the new owner of the series, is looking to embrace digital media opportunities and expand the deals brokered by Bernie Ecclestone, the former chief executive of F1.
However, although Carey said that Liberty has identified four types of coverage options, the media company is not yet clear on how best to pursue potential deals.
“In terms of the television arena that we deal with, I guess the way to describe it is that there are three or even four potential arenas that we are engaged with,” Carey said, according to Autosport.com.
“Traditional free, pay, digital and then our own probably more direct over-the-top product. To some degree what you have is conflicting goals across them.
“Probably the economic premium paid gets higher as you go up the ladder, but the reach gets less.”
Carey added: “We’re trying to balance what is the right mix of reach and direct economic value. Clearly there are impacts on other partners we have – for sponsors the fan engagement is obviously very important.
“For us, the goal is to maximise long-term growth, not to find a short-term pop.”
However, despite the planned focus on digital media, Carey said that television will remain key platform for F1.
“It's more and more heading to various forms of digital platforms – I don't think it will happen as fast as some people think,” Carey said. Some habits die hard, and there is a value in volume and choice.
“On the programming side, there’s still value in reach. It’s going there [digital], but it will take time. There’s no question that there will be a lot more ways that content will continue to be offered to consumers.”